27. If a contract is deemed to be illegal it is considered: 28. Robert is about to graduate college and his parents tell him that because he is the first member of the family to graduate college, they want to buy him a new, but inexpensive car. They have the money to buy the car and Robert is excited to get his gift. Robert owns a used car and sells it the night before graduation because he doesn't want to pay insurance on two automobiles. On graduation day, his parents tell him that they have decided to use the car money for a vacation and there will be no car. 29. That you must pass all your courses satisfactorily and pay all outstanding bills before you may receive your diploma is an example of a: 30. Ace Towel Company is shipping 500 towels to Red Hose, Inc. Ace is located in New York and Red Hose is located in Boston. If the contract is specified to be a shipment contract: 31. Your school's bookstore has ordered 1000 sweat shirts with your school's logo printed on the front. The goods are being manufactured and printed in another state and are to be delivered to the bookstore. The contract is silent as to when title and risk of loss passes. If the sweatshirts are totally destroyed en route: 32. Robin operates a demolition company. Even if she acts with the greatest of care and has committed no negligent acts, she may still be strictly liable for a tort if someone is injured due to flying debris resulting from a controlled blast she conducts. 33. Guarantors are secondarily liable on debts they guarantee. 34. There is no reorganization plan filed in a Chapter 7 bankruptcy. 35. In which of the following is it not usual to have a trustee named? 36. Damages agreed to when the contract is initially negotiated and written are called: 37. Which of the following is designed to prevent unjust enrichment? 38. If a contract between merchants does not contain a specific contract provision regarding the details of payment, the UCC provides that payment be made in full within 10 days of the time and place that delivery occurs 39. Output contracts must specify a certain amount of goods to be sold; however, requirements contracts will be valid under the UCC even if the specific quantity of goods to be purchased is not specified in the contract.
Liberty university busi 301 quiz 1,2 complete solutions
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